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PVM Midday Report 17 October 2014

Published Friday, October 17th, 2014

  1. With demand weak, traders are storing gasoil in vessels off Singapore
  2. Retail gasoline and diesel prices cut by China – 6th time since July
  3. Libya’s production exceeds 800,000 bpd of oil – Prime Minister
  4. Growth in eurozone revised up in Q1 and Q2 – Eurostat

Economy

Some kind of relief came this morning although world stocks fell to a fresh 9-month low before recovering. The main European indices, the FTSE-100, the DAX and he CAC-40 were all up between 1-1.5% and peripheral eurozone bonds were off their lows. Eurozone 1Q and 2Q 2014 were revised up by 0.1% by Eurostat but this upward revision is due to the new statistics rule. Bank of England chief economist has dropped a strong hint saying that financial markets may have been right to bet on mid-2015 UK rate hike. The Ukrainian-Russian negotiations in Milan uncovered huge differences and according to the Ukrainian president, he is “not very optimistic” about the current crisis.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.